坚持长期主义 迈向品牌出海新征程

Core Viewpoint - The company, Steady Medical, is transitioning from product export to brand export, aiming to establish itself as a leading global health enterprise through innovation and high-quality products [1][6]. Group 1: Company History and Development - Founded in 1991 by Li Jianquan, Steady Medical initially focused on medical dressings and later launched its consumer brand, "Cotton Era," in 2009, marking its entry into the consumer goods market [1][2]. - The company faced significant challenges in the early years, including a cumulative loss of nearly 200 million yuan in the first four years of Cotton Era's establishment, but maintained a commitment to quality over cost [3][4]. Group 2: Business Model and Strategy - Steady Medical operates a dual business model in medical and consumer goods, leveraging the same supply chain and technology standards to create synergies between the two sectors [4][5]. - The company emphasizes product innovation and quality, with a vision of "Cotton Changing the World," and has established itself as a leader in the cotton towel category [4][5]. Group 3: Financial Performance - In the first half of 2025, Steady Medical reported revenue of 5.296 billion yuan, a year-on-year increase of 31.31%, with net profit reaching 492 million yuan, up 28.07% [5]. - The medical segment generated revenue of 2.52 billion yuan, growing by 46.4%, while Cotton Era achieved 2.75 billion yuan in revenue, a 20.3% increase [5]. Group 4: Global Expansion and Acquisitions - The company is actively pursuing global expansion, highlighted by the acquisition of 75.2% of the U.S. medical consumables company GRI for $120 million, which is expected to enhance its international presence [6][7]. - In the first half of 2025, overseas sales channels generated 1.43 billion yuan, reflecting an 81.3% increase, with products sold in over 110 countries and regions [6][7]. Group 5: Future Outlook - Steady Medical plans to transition 90% of its overseas medical business to proprietary brands, moving away from OEM production, while Cotton Era aims to solidify its domestic market presence before expanding internationally [7]. - The company is positioned for sustainable growth, with a focus on brand development and high-quality offerings in both medical and consumer sectors [7].